Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data AsiaStrategy files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
14.2
18.8
17.6
11
Cost of revenue
13
17.4
16.2
10.6
Gross profit
1.26
1.37
1.42
0.38
Selling and marketing
0.22
0.16
0.06
0.15
General and administrative
0.85
0.68
1.13
1.81
Operating expenses
1.07
0.85
1.19
1.96
Operating income
0.19
0.53
0.23
-1.58
Interest expense
0.17
0.34
0.28
0.3
Interest income
0
0
0
0.12
Other non-operating income
-0.12
-0.31
-0.28
14
Pre-tax income
0.08
0.21
-0.05
12.5
Income tax
0
0.02
-0.01
0.16
Net income
0.07
0.2
-0.04
12.3
EBITDA
0.2
0.53
0.23
-1.57
EPS, basic
0.00
0.01
-0.00
0.51
EPS, diluted
0.00
0.01
-0.00
0.50
Shares, basic (weighted)
20
20
20.6
24.2
Shares, diluted (weighted)
20
20
20.6
24.7
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
1.18
1.5
2.64
1.46
Receivables
0.14
0.04
Inventory
2
2.17
7.13
Other current assets
0
0
0.03
Total current assets
4.6
5.83
32.1
Property, plant and equipment
0
0
0
Lease right-of-use assets
0.83
Total assets
5.57
6.63
39.7
Accounts payable
0.28
0.06
3.48
Deferred revenue
0.1
0.01
0.02
Short-term debt
2.36
1.95
1.17
Total current liabilities
2.75
2.03
4.94
Long-term debt
3.41
3.23
2.99
Total liabilities
6.16
5.25
17.9
Total debt
5.77
5.18
4.16
Paid-in capital
0
2
10.1
Retained earnings
-0.6
-0.64
11.7
Other comprehensive income
0
0
-0.01
Shareholders' equity
-0.79
-0.59
1.37
21.8
Total equity
-0.79
-0.59
1.37
21.8
Total liabilities and equity
5.57
6.63
39.7
Shares outstanding
20
22.2
24.9
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
0.07
0.2
-0.04
12.3
Depreciation and amortization
0
0
0
0
Deferred income tax
-0
-0
-0.01
0.16
Change in receivables
-0.25
0.17
0.15
-0.04
Change in inventory
-1.43
1.15
-0.16
-4.95
Change in payables
-0.2
0.03
-0.22
3.42
Cash from operations
-2.16
1.36
-0.46
-4.32
Capital expenditures
-0
Cash from investing
-15
Debt repaid
-1
Stock issued
2
Dividends paid
-0.45
Cash from financing
1.98
-1.05
1.97
17.8
Exchange rate effect
-0
-0
0.02
-0.02
Net change in cash
-0.18
0.31
1.52
-1.56
Free cash flow
-4.33
Interest paid
0.17
0.34
0.28
0.23
Income taxes paid
0.11
-0.05
0.04
0.04
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.00 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
3.5%
Gross profit / revenue.
Operating margin
-14.3%
Operating income / revenue.
EBITDA margin
-14.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
113.4%
Pre-tax income / revenue.
Net margin
111.9%
Net income / revenue.
FCF margin
-39.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-39.3%
Cash from operations / revenue.
Effective tax rate
1.3%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
106.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
53.0%
Net income / average total assets.
Return on invested capital (ROIC)
-11.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
0.0%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-37.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-8.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-73.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-32.9%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y
-790.0%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-785.7%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
454.8%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y
418.3%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
1,487.0%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
499.4%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
19.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
7.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.51x
Current assets / current liabilities.
Quick ratio
0.31x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.30x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.19x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
10.5%
Total debt / total assets.
Liabilities / assets
45.1%
Total liabilities / total assets.
Net debt
$2.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
FCF conversion
-35.2%
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.50
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$0.51
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.45
Revenue / diluted weighted shares.
FCF per share
-$0.18
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.18
Cash from operations / diluted weighted shares.
Book value per share
$0.88
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
4.05x
Market cap / net income. Only when net income is positive.
P/S
4.53x
Market cap / revenue.
P/B
2.28x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.28x
Market cap / tangible book value, when positive.
EV/Sales
4.77x
Enterprise value / revenue.
FCF yield
-8.7%
Free cash flow / market cap.
Earnings yield
24.7%
Net income / market cap (the inverse of P/E).
PEG
0.01x
P/E / EPS growth per year over 3 years (in percent). Only when both are positive.
What was AsiaStrategy's revenue in fiscal 2025?
AsiaStrategy reported revenue of $11.0M for fiscal 2025, 37.7% lower than the year before.
Was AsiaStrategy profitable in fiscal 2025?
Yes. Net income was $12.3M, a net margin of 111.9%.
How much free cash flow did AsiaStrategy generate in fiscal 2025?
Cash from operations of $4.3M minus capital expenditures of $4.8K left free cash flow of -$4.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.